1、MORGUARD CORPORATIONRESILIENT RELIABLE PERFORMANCE2023 ANNUAL REPORTThe selected annual financial information in the 2023 Annual Report highlights certain key metrics for Morguard Corporation(the“Company”).As a result,this report should be read in conjunction with the Companys audited consolidated f
2、inancial statements for the year ended December 31,2023,related Managements Discussion and Analysis(MD&A)and the Annual Information Form(AIF).These documents are available on the Companys website at .All continuous disclosure documents required by securities regulators are also filed on the System f
3、or Electronic Document Analysis and Retrieval(SEDAR+)and can be accessed electronically at www.sedarplus.ca.SPECIFIED FINANCIAL MEASURES The Companys consolidated financial statements are prepared in accordance with International Financial Reporting Standards(IFRS).Specified financial measures are c
4、ategorized as non-GAAP financial measures,non-GAAP ratios,and other financial measures,which are capital management measures,supplementary financial measures,and total of segments measures.The following non-GAAP financial measures:funds from operations(FFO)and Normalized FFO as well as other measure
5、s discussed elsewhere in this Annual Report,do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries.The Company uses these measures to better assess the Companys underlying
6、performance and financial position and provides these additional measures so that investors may do the same.Details on non-GAAP measures are set out in the Companys MD&A for the year ended December 31,2023 and are available on the Companys profile on SEDAR+at www.sedarplus.ca.Cover image:The Bay Clu